Depending on the type of claim and the coverage, filing an insurance claim can be a difficult procedure. This is true for many commercial and company owners who have dealt with insurance claims this year. With the various complexities that come with filing a commercial insurance claim, it’s critical to consider an appraisal. When implemented appropriately, most insurance contracts include the appraisal clause that may help optimize the worth of the insurance claim.
In this post, we will discuss how you can maximize your insurance claim by invoking an appraisal clause.
Commercial Appraisal Process
An appraisal clause is intended to be a method of finding a settlement when the insured and the insurer dispute the extent of a loss; any party may initiate the appraisal procedure. An insurance appraiser is someone who can determine the extent of loss, such as an adjuster, contractor, or engineer. However, before requesting an assessment, both the insurance company and the insured should attempt to reach an agreement on the value of the damages.
When there is a disagreement regarding the cost of repairing damaged property after a claim for loss has been made, the appraisal clause might be used. Appraisals are used to resolve value disputes whenever insurers and policyholders cannot concur on the amount of loss. Disputes about coverage or causation, on the other hand, cannot be resolved by assessment.
An assessment can be sought by either party under a standard insurance policy. Then, following receiving a written request from the opposing side, each party will pick a competent and unbiased appraiser within a certain number of days. After that, the two appraisers will select an umpire. A property insurance umpire is a knowledgeable, neutral, and impartial individual who is tasked with determining the property worth or amount of property loss.
If the appraisers are unable to agree on an umpire within a given length of time, either party can usually request that the umpire be appointed by a court.
How to Maximize Commercial Insurance Claims
To effectively maximize insurance claims, commercial property owners must use professionals that understand the whole process from start to finish. Understanding who to choose as an umpire is very important since they must be completely unbiased to the problem for a business property evaluation to be effective. An evaluation may swiftly complicate claim difficulties and result in additional costly delays for company owners if not carried out effectively with unbiased professionals working as both appraisers and umpires.
When Not to Invoke an Appraisal Clause
Despite the apparent advantages of utilizing an assessment clause, it is not always the best option. For example, if there are conflicts about total insurance coverage, provisions, deductibles, or how much has already been paid on the claim, an appraisal is not a good alternative. Furthermore, because assessments are not free, the disputed sum must be substantial enough for the evaluation to be lucrative.
Get Back What’s Rightfully Yours with Stone Claims Group
Stone Claims Group strives to push the limits of claims investigation for our clients by utilizing cutting-edge investigative approaches. Our public adjusters have a long history of success and skill with consumers from all walks of life, and we serve over 15 sites across the United States.
Contact Stone Claims Group right away for a free claim consultation!